KUALA LUMPUR: MyNews Holdings Bhd has returned to the black with a net profit of RM1.27 million for the first quarter ended Jan 31, 2024 (1Q24) from a net loss of RM3.21 million a year ago, underpinned by robust sales growth.
Quarterly revenue rose six per cent to RM195.52 million from RM184.09 million previously, the convenience store operator said in a Bursa Malaysia filing.
The revenue increase was mainly contributed by the improvement in overall in-store sales.
The number of outlets for the quarter increased by one, from 596 to 597.MyNews registered an earnings per share of 0.17 sen against a loss per share of 0.47 sen in 1Q23.
On prospects, MyNews said the number of new stores will increase at a faster rate in the financial year 2024 (FY24).
Currently, the company is operating a total of 619 outlets, made up of 468 MyNews (including 34 Supervalue), 132 CU and 19 WHSmith outlets.
"Therefore, we expect the sales revenue to grow in parallel with the growing store network and ongoing efforts in increasing the in-store sales. "Consequently, we expect the capacity of the food production centre (FPC) to continue to increase, driven by the increasing sales at the retail front," it added.
MyNews also noted that after going through the pandemic, it has become more stronger, versatile and dynamic.
It looks towards strategically expanding its five retail brands, namely, myNEWS, Korea's CU, the U.K.'s WHSmith, SUPERVALUE minimart and MARU Coffee at a faster rate.
Meanwhile, it said the internal talent and core infrastructure made up of IT systems, FPC, distribution centres and logistics are continually enhanced to support the growing businesses.
"Mynews has turned profitable since the fourth quarter of FY23.
"Barring any unusual seasonal changes and unforeseen circumstances, Mynews is confident that the worst is over and expects that its performance will continue to improve," it noted.
